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A CFL Bank? Using digital dollars as a new independent currency?

I know the FED often doesn't actually print money they just enter it into a computer - it's like electronic or digital dollars.

A group of people like members of the CFL could pool their FRN dollars then convert these to gold or silver reserves. They could then form their own independent digital bank outside of the FED system and without fractional reserve banking.

It could operate for the good and convenience of it's members with people like RP, Peter Schiff, Lew Rockwell and Jimmy Rodgers on the board. Call it the CFL Bank! - Wa-La! a competing currency?



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When I first glanced at the thread title...

I thought it said "CFR Bank" and almost had a heart attack.

http://federalfallacy.com

Already being done

www.igolder.com

Join my group here: http://independentwealth.ning.com. I'm trying to get networks together who have already launched local or sound currency and community banks.

_ _ _ _ _ _ _ _ _ _
Start getting freedom today by dumping Federal Reserve Notes, Stocks, Banks and anything made outside the USA. Buy precious metals, real estate, businesses, food and guns and get your business community to use local or sound currenc

Sooo..uuhhh..You give the

Sooo..uuhhh..You give the link and say join the group but it appears to be by invite only...How are we supposed to join?

by invitation only

Ron Paul is my President

Ron Paul is My President

Interesting

Can you use a debit card to pay for things anywhere like a regular debit card?

That would be awesome

But the FEDS would shut it down before it even got off the ground I'm afraid.

http://federalfallacy.com

I see what you're saying, but why even stop at gold

Why not allow people to purchase any commodity and transfer it over at exchange rates?

Sounds awesome -- a bank that actually does what it's supposed to do and it's hooked up directly to the exchange markets.

But anyways, skipping all that grand stuff and coming back down to Earth...

I think for this to be successful you need to partner with a gold dealer/supplier and the way it could work would be like an arcade machine that gives you tokens when you stick dollars in.

Only the tokens are real gold!

It's very simple and you can stick them in front of walmart and connect them to the internet to keep up the gold rate.

Of course like anything there are security concerns.

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As for digitally storing the gold you would need like a network of pawn shops and dealers who will accept Gold Reserve Notes which is really just the data linked to the gold.

The problem with FRNs is that it constantly requires you switch back to them for general use, but if the infrastructure is positioned for this gold system.. as soon as the economy starts to collapse everyone will be switching to gold ASAP and that's the best way to defeat any future FRNs.

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Glen Beck -- An Exposed Enemy:
http://www.dailypaul.com/node/90198
Glenn Beck Supports NAFTA and taking your job:
http://www.dailypaul.com/node/86643

It could probably be done!

Just imagine how many people would join a bank run by RP, Schiff, Rockwell and Rodgers.

Most of us already use digital dollars.

That's what you do when you use a credit or debit card.

New Hampshire and Ecuador.

Cash card that transfers real tangible value.

The current digital dollars are not based on any commodity.This would be different, with commodity backed (garunteed) money. You are right that the concept is already being widely used and accepted.
If the economy goes bad, every retailer will be clamoring for people to use this type of currency instead of the "inflatable" federal reserve note based junk.

I Like It!

Right, which just proves the techonology is in place

What I am suggesting is a digital bank or money transfer business that operates without affiliation of the Fed or fractional reserve and could be run by an organization like the CFL with people like RP, Peter Shciff and Jimmy Rogers on the board. In other words this would be a competing currency!

eBay with eGold instead of paypal

The problem is the cost of policing for fraud

Better watch out…

… eGold is NOT secure. The CEO, Doug Jackson liquidated and turned over my entire life savings (330 oz gold) to the FTC with a simple FAX request claiming a civil violation of one of their rules (not law). eGold touts that it is governed under the laws of Nevis… Not so. Any branch of US government can steal your account for any perceived violation or for any reason and eGold will NOT do anything to protect your account. I swear that this statement is true and is in no way an attempt to falsely slander eGold.

Sound Advice: Never, ever, ever trust your physical assets (like gold & silver) to a third party. This also applies to investment firms (read Bernard Madoff and his ilk). They have no legal or moral obligation to protect it the same way you would protect it yourself. You have been warned about eGold. Do not heed this advice to you own detriment.

Had I kept physical possession of my 330 oz of gold, the FTC could not have touched a gram of it. I am now a 62 year old pauper.

Solution to tyranny: “Be the change you want to see in the world.” Mahatma Gandhi

“Disobedience is the true foundation of liberty. The obedient must be slaves.”― Henry David Thoreau

I guess that is the same problem

traditional banks have.